Essar Oil Hits Record Profits

Essar Oil Limited today announced to its shareholders that it had recorded its highest ever EBITDA, PAT and GRMs in FY 2015-16 at the 26th Annual General Meeting in Vadinar, Gujarat.

In FY2015-16, the company achieved its highest ever EBIDTA of Rs 7,773 crore, which was 35% higher than the previous year. The Profit after Tax was also at a new high of Rs 2,162 crore--a rise of 42% from FY2014-15. The total throughput of the refinery stood at 19.1 MMT in FY 2015-16, compared to 20.49 MMT in the previous year. The lower throughput during the year was on account of the planned shutdown of 28 days undertaken during the September-October period.

In the year ended 31st March 2016, Essar Oil clocked a record high current price Gross Refining Margin (CP-GRM) of US $10.81 per barrel, compared with US $8.37 in the previous year.

Essar Oil is glad to share that last week, the company commissioned its 3,000th retail outlet in India. Over 2,800 retail outlets are at various stages of implementation as the company plans to benefit from the rising demand for transportation fuel. The retail sales volume grew by almost 145% to 1.6 million kl in FY 2015-16.

In the exploration and production segment, the financial year 2015-16 marked an inflection point for Essar Oil’s flagship CBM Project at Raniganj East that is located in West Bengal. The CBM production from Raniganj registered a significant growth during this year, with production of close to 800,000 scmd as of 31 March 2016. Essar Oil has since become the first player to cross the 1 million scmd production milestone in the country in July 2016.

Mr Prashant Ruia, Chairman of Essar Oil, said: "I believe that the benchmark financial and operational highlights of the Company’s performance in FY 2015-16 are an outcome of enduring effort and demonstrate our unparalleled ability to excel in volatile circumstances.’’